Did panic has started already? Price has come to the point where either strong sell or strong buy will follow next ... price can't keep moving longer in that range (9k to 12k) for more than 2 months ... the direction is not decided yet and i see the next move will give us the final answer.
If the price bounce from this level again that will mean anything below 9500 were a strong reversal points ... This is the 4th time price visit this level and its going to be the last -next up move will be above 12k level
If price didn't bounce: -next move will be a fall to 8400(daily 200ema) or to 7500 where next support located ... If this happen, i will consider this move from (3k to 14k) was a corrective wave B instead of impulse bull run ... long term bear market with cheap btc targets, 1k will be possible this time...!
From previous ideas .. although some possible reasons to be bullish were invalidated but its not enough to turn bearish...! According to 3 scenarios we had shared before which are still possible 9100 or 8800, also i will have my exist below 8700.
-Fear&Greed Index is at 20 = Extreme Fear >>> buy the fear and be greedy -Shorts vs Longs 24 HOUR | LONGS: 1,636,421,868 (48.25%) | SHORTS: 1,755,392,054 (51.75%) Before this last drop longs were 65% >>> the house always wins -Portugal BTC trading&payments are Tax-Free -John McAfee: Bitcoin under $9,500. if you are panicking you are a fool. (correct, I agree:) -In CME vs Bakkt comparison, we mentioned price dropped after CME announcement from 7k to 6k before resuming uptrend. Now after Bakkt announcement price has dropped from 10300 to 9300 -Sept 6, Bakkt warehouse will begin to offer secure storage to prepare for the launch which will enable physical delivery of bitcoin unlike CME and for this reason we should expect increase in demand after the launch.
As mid/long term trader .. Its not easy to be panic either buy or sell .. The last thing i will do is outsmart the Market .. Patience is the Key .. Focus on the Trend .. Stick to a strategy and accept the outcome! .. This is differ from a person to another .. we don't have the same mind,view,entries and risk% as well as invalidation level. =================================== 1D chart: -We have 3 support and trend lines ... Green support line still valid since 17 Jul -Price need to reclaim 100ema above 9700 as soon as possible to remain bullish -RSI is at 37 level which is same level where this bull run has started since 3300 -RSI multiple lower low touch forming hidden bull div with higher low prices -Stochastic RSI has printed classic bull div
4H chart: -RSI has printed classic bull div followed after hidden bull div
2D chart: >> This is my own personal view/plan and none of my ideas stand as financial advise OR buy/sell signals ... We only trade the overall trend ... Trade at your own risk!!
Great analysis, this is how im currently looking at it. Don't want to be doom and gloom but this is my bearish setup
nagihatoum
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the accumulation phase at 4k lasted 6 month, this can be either distribution phase or a re-accumulation phase, no reason why it won't last till December.
Jocoin
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@nagihatoum, Thanks for sharing your view, a re-accumulation phase is more reasonable. we are getting closer to the apex of that triangle.
Bullandbeartrading
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Solid pennant catch.
VanBenno
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Maybe It's an Echo Bubble?... In any case, we're below 10k for the 3rd or 4th time since this was posted.
Jocoin
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@VanBenno, Not echo bubble ... we mentioned on this post the following scenario:
If price didn't bounce:
-next move will be a fall to 8400(daily 200ema) or to 7500 where next support located ... If this happen, i will consider this move from (3k to 14k ) was a corrective wave B instead of impulse bull run ... long term bear market with cheap btc targets, 1k will be possible this time...!
In any case, this post published Aug 29 where price was at 9400 after retracing to 9300 that day .. i think you are mixing my posts ... the post with 10k title also was published 17 Jul where price was at 9400 after retracing to 9100 that day :)
Some people do well reading titles!
VanBenno
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Looks like you found the descending triangle but forgot that it indicates bearish movement.
Jocoin
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@VanBenno, This is not descending triangle, check the difference between descending and symmetrical triangle.
VanBenno
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@Jocoin, I have checked and I'm still not seeing any symmetry in this pattern. There is a consistent bottom being hit which makes it flat, and there are consistently lower highs forming only a downward trend from the highs. If this were symmetrical there would be symmetrically lower highs and higher lows with diminishing volume until breakout.
Jocoin
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@VanBenno, Lets wait for the breakout which will give the final answer as we mentioned on this post!